Tech Titans Bullish on Bitcoin
If you reflect on the Trojan War, you might recognize some modern-day parallels. In the movie Troy, which is based on the Trojan war, Achilles, played by Brad Pitt, leads his rogue fighters and the Greek Army to take control of the city of Troy, which is guarded by great walls and a Hector-led Trojan army.
It’s a drawn-out battle filled with duels and sneak attacks from both sides, the famous and final one being the Greek army’s ability to infiltrate their way into the city walls through the gift of a Trojan horse. Perhaps Troy was a bit of foreshadowing on the global monetary system.
Bitcoin in a sense has been a surprise attack on fiat money. Nobody could have predicted a decentralized digital currency that would challenge the merits of a centralized monetary system that’s been in place for centuries. Now that it’s here, bitcoin and its digital currency soldiers aren’t going anywhere. And if you ask a couple of tech titans, bitcoin should subvert fiat currencies.
Apple Co-Founder Steve Wozniak and Twitter CEO/Square Founder Jack Dorsey may not be leading armies of the usual kind. But they are tech giants whose influence has gone beyond corporate walls and changed the landscape of modern day technology as we know it. Both are bitcoin bulls and agree that bitcoin deserves the title as the single global currency.
Dorsey is a bit more aggressive about his prediction, having said that bitcoin will win the title as the sole global currency over the course of the next decade or sooner.
When asked about it, Wozniak softened the forecast a bit, saying: “I buy into what Jack Dorsey says. Not that I necessarily believe it’s going to happen. I just, I want it to be that way,” Wozniak said.
Ebbs and Flows
The Apple co-founder reportedly first bought into bitcoin at the $700 level. And even though he says it wasn’t an investment and more of an experiment, he still believes that the bitcoin price will continue to rise even if there are ebbs and flows along the way, similar to the internet during its rise.
Currently, the bitcoin price is experiencing one of those ebbs, having failed to break through the $7,600 level in a weekend rally and falling to about $7,443. While market bulls like Fundstrat’s Thomas Lee aren’t relenting on their forecasts for bitcoin $25,000, the trading volume since year-end 2017 at bitcoin’s pinnacle has dropped and some analysts predict it could get worse before it gets better.
Wozniak told CNBC he likes bitcoin for its decentralized features that make it more natural, such as the public ledger technology underpinning the coin and the rewards system that keeps it going.
Wozniak’s cryptocurrency portfolio is comprised of one bitcoin and two ether, the former of which he owns for pure experimentation purposes. He likens Ethereum to a platform that tends to grow because “there tend to be lots of people working on applications.” Sounds like another platform that Wozniak knows a little something about.
Meanwhile, whether or not bitcoin overtakes fiat currencies, the digital currency that boasts a market cap of $127 billion is sure to be remembered, which if we could ask Achilles of the Trojan war is what it’s all about anyway.
Featured image courtesy of Shutterstock.